Hi All,
I left my FT employment job in mid-2020 but continued doing on-call consulting work for them as well as my own consulting work. I continued health insurance via COBRA for my DW and myself which recently ended in Nov. 2021. I applied for health insurance via my state's (MA) health connector website and selected an HSA eligible bronze plan for December 2021 and for 2022. I paid full price (around $1250) for December but was hoping to get subsidized premiums going forward in 2022.
Based on the income information I entered for myself and wife on the state's health connector website, I was told that we qualify for $1,115 month subsidy and would be responsible for the remaining $275/month which sounded fine. I uploaded various documents (primarily 2020 tax forms for self-employment income and interest/dividends and recent paystubs for our 2021 income) to verify our income on the website but then received a letter via mail that we don't qualify for any subsidy because our income is too high.
My 2021 income is $57K from my former employer of which approximately $25K is put into the 401k I have with my former company (supported by including my most recent paystub). I also receive approximately 14K profit/year from self-employment income while my DW makes about $24.5K from her part-time work. We also receive about 2K a year in interest/dividends. After including deductions for HSA, SEP and LTC insurance our AGI is 53.5K a year which would provide the subsidy of $1,115/month as we are at 320% of the FPL. Does the fact that I am putting that much $ into my 401k from my income from my former employer effect our eligibility for the ACA subsidy because they believe that I am transferring $ for purpose of establishing eligibility for ACA under the state program? If so, is that the end of getting premium subsidies? We can make the full premium payments but will be rather painful and would curtail future contributions to 401k accordingly. There is an appeal process but wondering if someone has prior experience with this and can advise whether I should bother with an appeal.
I left my FT employment job in mid-2020 but continued doing on-call consulting work for them as well as my own consulting work. I continued health insurance via COBRA for my DW and myself which recently ended in Nov. 2021. I applied for health insurance via my state's (MA) health connector website and selected an HSA eligible bronze plan for December 2021 and for 2022. I paid full price (around $1250) for December but was hoping to get subsidized premiums going forward in 2022.
Based on the income information I entered for myself and wife on the state's health connector website, I was told that we qualify for $1,115 month subsidy and would be responsible for the remaining $275/month which sounded fine. I uploaded various documents (primarily 2020 tax forms for self-employment income and interest/dividends and recent paystubs for our 2021 income) to verify our income on the website but then received a letter via mail that we don't qualify for any subsidy because our income is too high.
My 2021 income is $57K from my former employer of which approximately $25K is put into the 401k I have with my former company (supported by including my most recent paystub). I also receive approximately 14K profit/year from self-employment income while my DW makes about $24.5K from her part-time work. We also receive about 2K a year in interest/dividends. After including deductions for HSA, SEP and LTC insurance our AGI is 53.5K a year which would provide the subsidy of $1,115/month as we are at 320% of the FPL. Does the fact that I am putting that much $ into my 401k from my income from my former employer effect our eligibility for the ACA subsidy because they believe that I am transferring $ for purpose of establishing eligibility for ACA under the state program? If so, is that the end of getting premium subsidies? We can make the full premium payments but will be rather painful and would curtail future contributions to 401k accordingly. There is an appeal process but wondering if someone has prior experience with this and can advise whether I should bother with an appeal.
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